noun | \ di-ˈfȯlt, ˈdē-ˌfȯlt \ | de·fault
a : failure to comply with the terms of a loan agreement or security agreement especially with regard to payment of the debt
b : a delay in performing under a contract that is recognized by the other party
Note: A party whose performance under a contract is delayed is not automatically in default. Rather, the law of Louisiana requires that the other party “put him or her in default” by a written or witnessed oral request for performance, by filing suit, or by invoking a specific provision in the contract. Moratory damages may be recoverable for loss caused by the delay.
: failure to defend against a claim in court (as by failing to file pleadings or to appear in court) — see also default judgment at judgment 1a